We have audited the accompanying Standalone Ind AS financial statements of M/s NATIONAL
GENERAL INDUSTRIES LTD. (the Company), which comprise the Balance Sheet as at March 31, 2025,
the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement
and the Statement of Change in Equity for the year then ended and a summary of significant
accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone Ind AS Financial Statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the Ind AS accounting principles
generally accepted in India, of the state of affairs of the Company as at 31st March, 2025, its profit
including Other Comprehensive Income, its Cash Flows and the Statement of Change in Equity for
the year ended on that date.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing specified under section
143(10) of the Company Act 2013, Our responsibilities under those Standard are further described in
the Auditor's Responsibilities for the Audit of the Standalone Ind AS financial statement section of
our report. We are independent of the Company in accordance with the Code of Ethics issued by
ICAI, and we have fulfilled our other ethical responsibilities in accordance with the provisions of the
Companies Act, 2013. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis of opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Information Other than the Financial Statement and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexure to Board's Report, Corporate Governance and Shareholder's Information, but
does not include the standalone financial statement and our auditor's report thereon.
Our opinion on the financial statement does not cover the other information and we do not express
and form of assurance conclusion thereon.
In connection with our audit of financial statement, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistence
with the financial statement or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 with respect to the preparation of these financial statements that give a true
and fair view of the Financial Position, Financial Performance including Other Comprehensive
Income, Cash flows and the Statement of Change in Equity of the Company in accordance with the
accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS)
specified under Section 133 of the Act, read with Companies (Accounting Standards) Rule, 2015, as
amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation
of the Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the
Standalone Ind AS financial statement by the Directors of the Company, as aforesaid.
In preparing the Standalone Financial Statements, management is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so. That Board
of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Standalone Ind AS financial statements.
A further description of the auditor's responsibilities for the audit of the Standalone Ind AS financial
statement is included in Annexure A. This description forms part of our auditor's report.
Our Opinion on the Standalone Ind AS financial statement, and our report on Other Legal and
Regulatory Requirement below, is not modified in respect of the above matters with respect to our
reliance on the work done and the reports of the others auditors and the financial statement /
financial information certified by the Management.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
Annexure B statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable:
2. As required by section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit of the aforesaid
Standalone Ind AS financial statement;
b) In our opinion, proper books of account as required by law relating to preparation of the
aforesaid Standalone Ind AS financial Statement have been kept by the Company so far as it
appears from our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
the Statement of Cash Flow Statement and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account;
d) In our opinion, the aforesaid Standalone Ind AS financial statement comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended;
e) On the basis of the written representations received from the directors as on March 31,
2025, taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2025, from being appointed as a director in terms of Section 164 (2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate report in
Annexure C; our report express an unmodified opinion on the adequacy and operative
effectiveness of the company's internal financial controls over financial reporting and
g) With respect to the other matters to be included in the Auditor's Report in accordance with
the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of
our information and according to the explanations given to us the remuneration paid by the
company to its directors during the year is in accordance with the provisions of section 197 of
the Act.
h) With respect to the other matters to be included in the Auditor's Report in accordance with
Rule11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:
a. The Company has no pending litigations having impact on its financial statements.
b. The Company did not have any long-term contract including derivative contracts which
may lead to any foreseeable losses.
c. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
d. (a) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the company from any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with the understanding, whether recorded in writing
or otherwise, that the company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and
(c) Based on such audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material mis-statement.
e. No dividend has been declared or paid during the year by the company.
f. Based on our examination, which included test checks, the company has used accounting
software for maintaining its books of account for the financial year ended 31st March,
2025 which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software.
Further, during the course our audit we did not come across any instance of the audit
trail feature being tempered with and the audit trail has been preserved by the company
as per the statutory requirements for record retention.
For R K Govil & Co.
Chartered Accountants
FRN - 000748C
Sd/-
Place: New Delhi Ashish Goel
Dated: 28.05.2025 Partner
Membership No.418425
UDIN: 25418425BMJHGR9848
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